Building Briefs – June 14th
- Prime commercial development secured in Glasgow’s Central Business District
Global real estate agency CBRE has announced that it has acquired 120 West Regent Street, a multi-let prime office investment in the heart of Glasgow’s Central Business District, on behalf of West Ranga Property Group.
Occupying a prominent corner position at the junction of Wellington Street and West Regent Street, 120 West Regent Street is an imposing building which provides a first-class standard of modern open plan office accommodation across five floors.
Extending to 12,122 sq ft, with floor plates ranging from 1,720 sq ft to 2,608 sq ft, the property has undergone a comprehensive refurbishment, with around £575,000 being invested in the building since 2015. Its specification includes an impressive reception area, integrated LED lighting throughout, full raised access floors, a secure entry system, an 8-person passenger lift, and secure underground car parking.
The 100 per cent occupancy rate at 120 West Regent Street is testament to the excellent quality of its offering. Tenants at the property include Mediterranean Shipping, the world’s second largest shipping line in terms of container vessel capacity, wealth management firm Mattioli Woods which has £8.7b funds under management, and Ashfield Healthcare Communications, a global leader in commercial services for the healthcare industry.
Acting for West Ranga Property Group - which has offices in Dundee, Edinburgh and York - CBRE acquired 120 West Regent Street on a heritable interest basis (the Scottish equivalent of English Freehold).
Camille Casey, associate director at CBRE, said: “As a growing multi-disciplinary property company focused on UK commercial property assets, West Ranga Property Group was keen to acquire premium office space in a core, financial district location. The Glasgow office market continues to perform extremely well, so at a time when supply of office accommodation remains critical, we were very pleased that 120 West Regent Street met all of our client’s requirements and we were able to secure the property.”
James Appleton-Metcalfe of West Ranga Property Group added: “We are delighted to have extended our core portfolio with the acquisition of this high quality asset which address all the fundamentals of our investment criteria. As pro-active landlords we have already commenced a comprehensive programme of non-recoverable capital expenditure to improve and enhance the building for the occupiers following detailed meetings on site. We look forward to maintaining this approach with our tenants to ensure that 120 West Regent Street continues to be an attractive and innovative environment for business. We would like to take this opportunity to thank CBRE for introducing this asset and for their commitment in progressing the acquisition through to completion.”
- Angus Housing Association appoints Gail Robertson as director
Angus Housing Association has announced the appointment of Gail Robertson as its new director.
Gail has led the housing and property services team at Castlehill Housing Association in Aberdeen for the last nine years, and will take over from Bruce Forbes upon his retirement in early September.
Making the announcement, association chairperson Hazel Farquhar said: “We are delighted that Gail Robertson will soon be our new Director. Gail stood out from within a very strong field of applicants. We are convinced that she will further develop our high performing organisation, helping us to meet the ambitions we have for the communities we work within, and the people who live there.
“The Committee of Management are very much looking forward to welcoming Gail on board, and I am sure we will enjoy a productive and successful working partnership for many years to come.”
Hazel added: “I also want to pay tribute to our outgoing Director, Bruce Forbes, who has been with us all the way, and now passes on an organisation in excellent shape. Finally I would like to thank EVH who supported us brilliantly throughout the entire recruitment and selection process.”
Gail Robertson said: “I am delighted to have been appointed director at Angus Housing Association and am looking forward to working with the staff and Committee of Management to continue providing Angus Housing Association’s high-quality services.
“It is a privilege to be able to work for a well-respected organisation that recognises the fundamental right to a good quality, affordable home and has such a strong focus on delivering this for individuals, families and communities.”
- Opportunity for contractors to find out more about major procurement framework
Scottish Borders Council (SBC) is inviting contractors to find out more about its repairs and maintenance framework and how they can tender for work.
SBC needs contractors to provide repair and maintenance services for its property maintenance and minor works programme.
Work for this is tendered through a procurement process and structured in Lots, set out as follows:
· Electrical Services
· Painter/Decorator, Flooring, Blinds
· Blacksmiths, Metal Fabricators
· Arboricultural Services/Grounds Maintenance
· Plumbing, Drainage, Gas/Oil Fitting/Heating
· Handy Person Services
· Preservation, Windows, fencing, Glazier
· Joiner, Locksmith
· Slater, Roofing
· Building Services
· Alarms, Entry Systems, CCTV
· Multiple Trades Supplier
· Network Cabling
Companies can tender for one, more than one or all Lots.
The framework period is from this year, through to 2023.
A drop-in event is being held from 2-6pm on Thursday 4 July in the Council Chamber at Council Headquarters in Newtown St Boswells. Contractors will be able to find out more information and ask any questions they may have.
Contractors can register at www.publiccontractsscotland.gov.uk to receive notification of when the tender is published.
To support contractors, the Supplier Development Programme is providing free training on 27 June and 2 July between 6.30pm and 8.30pm at Council Headquarters. You can register at www.sdpscotland.co.uk to register to attend one of these events.
- Community invited to give their views on the future of public properties in Jedburgh
Community groups and members of the public are being invited to give their views on the use of properties in Jedburgh.
The community drop-in event on Wednesday 26 June in the Town Hall is hosted by Scottish Borders Council (SBC). It will give the public the chance to find out more about the investments being made in the town and for the local authority to listen to the community’s views. Doors open at 4pm, with people invited to drop in anytime until 8pm.
Investments in Jedburgh include the Intergenerational Community Campus which will provide a wide range of community facilities and services, as well as Jedburgh CARS and other investments.
The event will be a starting point for options appraisals on a number of buildings and sites in the town – such as the Grammar School and Howdenburn Primary sites, the Town Hall and the Library Contact Centre, with the Council and partners keen to work together with local groups.
The event is part of the Council’s new Fit for 2024 programme, which aims to ensure the Council is best placed to meet challenges and opportunities over the coming years with one of the key themes being ‘Making Better Use of Council Properties’.
Councillor Gordon Edgar, SBC’s Executive Member for Roads and Infrastructure, said: “Over the last five years, SBC has, on average, spent £14m each year in the running costs of property. This includes refurbishing and repairing the current estate. However, the sheer size of that estate means that investment is spread too thinly and makes it impossible to sustain safe and fit-for-purpose properties.
“Fit for 2024 wants to make sure the Council meets the current and future needs of service users, communities and service providers. It aims to do this while making the best use of investment opportunities in terms of both existing resources and external funding.
“It also aims for SBC to be sustainable and affordable in terms of funding and energy efficiency.”
Councillor Sandy Aitchison, SBC’s Executive Member for Neighbourhoods and Locality Services, added: “Fit for 2024 aims to ensure the Council is bolder and braver when it comes to making decisions about estates and engages with communities and partners on how we can together meet changing customer needs and community demands.
“With the new Intergenerational Community Campus opening next year, alongside other investments, we thought Jedburgh would be a good place to start the conversations needed around property.”
In a joint statement, Jedburgh and District Councillors Jim Brown, Scott Hamilton and Sandy Scott, added: “The Council and partners need to hear the views of the Jedburgh people to create a common strategy for the future of the town and surrounding area.
“We would encourage as many people as possible to come along and contribute to the event.”
- Major riverside office development begins search for first occupier
A Glasgow office building able to cater for 1,200 workers once completed in 2020 has begun the search for its first occupier, appointing three commercial property firms to manage the process.
Currently under construction, Atlantic Square is a major mixed-use development in the heart of Glasgow’s International Financial Services District (IFSD).
Once completed it will provide 284,000 sq ft of new Grade A office space in two self-contained buildings being developed by BAM TCP Atlantic Square Limited, a joint venture between BAM Properties Limited and TCP Developments limited.
JLL, CBRE and Ryden have been tasked with finding an occupier for Building 2 – a 96,649 sq ft building arranged over ground and six upper floors with the basement providing state of the art cycling and changing facilities together with car parking spaces. The building is accessed from York Street while the car park entrance is via James Watt Street.
Building 1, a ten storey building extending to 187,400 sq ft has already been let to HMRC and was forward sold to Legal & General in 2018.
The buildings have been designed by concept architects Cooper Cromar with further detailed design by BAM Design and the scheme is being built by BAM Construction.
Mark Broderick, Development Director – Scotland, BAM Properties Ltd, said: “We’re delighted to take our vision for Atlantic Square out to the occupier market and begin the search for the first tenant for 2 Atlantic Square. Given the strength of Glasgow’s occupier market and the severe shortage of new build office space in the city we expect there to be strong interest in this development from across the UK.”
2 Atlantic Square is the only speculative new Grade A build scheme on site in Glasgow which will complete in 2020. Due to the lack of Grade A supply, rents grew across the city centre last year according to JLL, a trend which is set to continue this year.
2018 was a record breaking year for Glasgow’s market, which surpassed 1 million sq ft for the first time ever, thanks in part to major deals involving Barclays and the Government Property Unit. JLL say that despite lower comparative take up in 2019 so far, there are positive levels of stock under offer and strong occupier interest should see Q2 returning a healthy take up figure.